South Bend-headquartered Teachers Credit Union has announced it will acquire New Bancorp Inc. and New Buffalo Savings Bank in an all-cash transaction. The acquisition will increase TCU’s total number of branches to 57 and total assets to approximately $3.2 billion.
Following the completion of the transaction, New Bancorp says it will settle its remaining obligations and distribute the remaining transaction proceeds to its shareholders.
New Buffalo has three bank branches in New Buffalo, Sawyer and Three Oaks, Michigan and had $119.5 million in assets as of December 2018.
“We are excited to announce the acquisition of New Buffalo Savings Bank and look forward to welcoming their customers and employees into the TCU family,” said Paul Marsh, President and chief executive officer, in a news release. “This acquisition will allow us to expand our footprint and better serve our members in southwestern Michigan and it will result in better banking access for New Buffalo Savings Bank’s customers as well. I look forward to a positive transition as the cultures of both organizations are strong, and we share a commitment to the community and the members and customers we serve.”
In addition to expanding TCU’s reach to southwestern Michigan, the credit union says the acquisition is part of a strategic approach to bolster its business lending efforts by adding New Buffalo’s expertise in Small Business Administration lending.